As well as being truly independent a National Infrastructure Commission for Wales would need a executive team and board of directors with a proven track record in major infrastructure projects and fundraising.

And of course it cannot work in ‘splendid Welsh isolation’.

So it would make sense if there was an overlap, perhaps via mutual board observers, with the infrastructure commission for England.

It would also need be to aligned to the development of the Swansea Bay and Cardiff Capital city regions and the infrastructure investments from their proposed City Deals - where while a £1.2bn deal for the Cardiff Capital region is agreed in principle, critically the 10 local authorities still need to not only agree on which projects will be funded beyond the South Wales Metro, but the percentage split between them on the capital and interest repayment on borrowed finance.

And any commission will need to work closely with the proposed Development Bank for Wales, as it looks to bolster the new £136m Wales Business Fund with other sources of finance, including for infrastructure projects.

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While democratically elected ministers should give the infrastructure commission a steady stream of projects to assess on a return on investment criteria, it should also be encouraged to bring forward its own plans.

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Let’s just say that Plaid Cymru’s ambitious vision - assuming of course the UK Treasury is enlightened to give the go-ahead - sees a commission having the scope to raise more than £7bn for economy boosting infrastructure projects, including hospitals and schools over 10 years (repaid over 25), it would also need to be thinking all the time about how to attract private sector investment.

But what type of projects could attract funding for the private sector?

Well, they have would be of significant scale with an identifiable and secured long-term revenue stream if they are to attract the interest of big institutional investors like pensions funds.

Artist's impression of Wylfa Newydd

Projects like a proposed tidal lagoon for Swansea Bay, effectively a prototype for a series of larger lagoons, and a new nuclear power station at Wylfa – and their required subsidies via contracts for difference – will be decided by ministers at a UK level and not in Cardiff Bay.

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But let’s be honest if the investment panels of a Middle Eastern or the Norwegian sovereign wealth fund were in ‘town tomorrow’ what projects could be pitched to them to get their serious attention; and that means crucially those that are close to or are investor ready? Well, examples on a postcard please.

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So this is where Wales plc - both the public and private sectors, needs to be smarter.

While under the Wales Bill the Welsh Government will get powers on energy projects up to 350 megawatt of generation - currently just 50 - it could act now to effectively bring hundreds of small scale renewable energy projects into one huge scheme - with a planning consent golden ticket.

It could then invite institutional investors to invest to bring them to energy generation - having brokered an equity/profit share for the original owners of the projects.

The world is awash with cash and the commission has to try and get as much of it invested in Wales as it can, even if that means it needs to have an overseas presence.

It needs, like the WDA, to be arms-length, but ultimately accountable to the National Assembly. And that of course means setting out its remit and governance.

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Of course many projects will need to be funded directly from the Welsh Government’s capital budget or borrowed capital, as there will be little appetite say for road projects funded by investors who would then making a long-term return on tolls. Although on the Metro finance could be secured against future rail fare incomes for further stages of the network.

But new road and rail infrastructure will open up significant private sector opportunities for new housing or mixed used developments, around say new Metro stations or along a new stretch of the M4.

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So the commission could look at section 106 agreements, or whatever you want to call them, where in return for creating new development opportunities the private sector provides a financial contribution to infrastructure projects.

But, there needs democratic accountability and final sign off on recommended projects from the commission will require Welsh Government cabinet approval before being put to AMs.

And this will prove a big test of a the credentials of a ‘grown up devolution’ in Wales.

The commission should be looking at projects that will have the greatest impact on improving the competitiveness of the Welsh economy.

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This will require cross-party support and seeing beyond short-term political cycles.

The Welsh Government is currently in talks with Plaid, over the remit of a commission. But while cabinet member for infrastructure Ken Skates has some issues over Plaid’s model in terms of its scope and fundraising aim of north of £7bn and the impact on the revenue budget for interest and capital repayments, it is hoped a compromise deal will be struck.

But who should be on the commission’s board, or at its helm as chief executive?

Well here are some candidates

Gerry Holtham

Gerry Holtham

Let’s say that Gerry Holtham was not top of the Christmas card list of former Business Minster Edwina Hart.

But with Edwina standing down as an AM at May’s Assembly Election, Gerry would be a huge asset to the commission – and a board role helping the executive team could be just the ticket.

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The Aberdare-born economist is former chief investment manager of Morley Fund Management where he was responsible for assets more than £125bn, so a commission raising a modest £7bn in comparison will not hold any fears - and he was some great ideas too on how to improve the competitiveness of the Welsh economy.

Nigel Annett

Nigel Annett

Nigel Annett is a former chief executive of not-for-profit company Glas Cymru, which acquired debt ridden Welsh Water from WPD in 2002. And he knows all about long-term borrowing for infrastructure projects. Alongside Chris Jones they successfully refinanced the debt through an innovate £1bn bond issue.

Glas continues to access bond markets for its capital investment programmes. He is current a non-executive of Principality Building Society.

It would have to be an open appointment process, but Nigel would be make a first class chief executive.

Keith Griffiths

Keith Griffiths of Aedas

St David’s born Keith Griffiths is the design leader and founder of one of the world’s leading architectural firms Aedas, based in Hong Kong.

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It has designed award winning, successful projects for most of the leading developers in Asia and his experience includes high rise, mixed commercial, retail and masterplanning as well as airport and civic buildings and integrated transport schemes.

Appointing him to the board would give the commission huge international creditability.

Sir Terry Morgan

Sir Terry Morgan

Abetillery-born Sir Terry is chairman of Crossrail, one of the world’s biggest rail infrastructure investment projects in London.

However, he could still find time to serve on the commission in a board capacity.

He knows how to run complex major infrastructure projects - with multiple moving parts, challenges and opportunities. This level of expertise would be invaluable to the commission’s executive team, as well as leveraging his extensive network of contacts.

Denise Lovering

Denise Lovering

Denise Lovering would bring the important voice of indigenous business to the commission

She is the chair of the Caerphilly Business Forum.

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And she gets the fact that it is not a case of either for an M4 relief road and the South Wales Metro, but that Wales needs both and plenty more ambitious infrastructure schemes, including digital, to get the economy really moving forward.